The Editorial Team |

Ghana Merges Five Failed Lenders in $1.2 Billion Bank Rescue

ACCRA (Capital Markets in Africa) – Ghana’s banking regulator said it created a new lender through a merger of five insolvent banks as the country issued 5.8 billion cedis ($1.2 billion) in bonds to clear their debt. Bank of Ghana revoked the licenses of Unibank Ghana Ltd., Royal Bank Ltd., Beige Bank Ltd., Sovereign Bank Ltd. and Construction Bank Ltd., GovernorErnest Addison told reporters Wednesday in the capital, Accra. The lenders were among the smallest of Ghana’s…

World’s Priciest Precious Metal Set to Blossom as Shortage Looms

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LAGOS (Capital Markets in Africa) – The world’s most expensive precious metal is set to get even pricier as a mining retreat in South Africa threatens a supply shortage. Rhodium — a byproduct of platinum mining that’s used in the chemical sector and by the auto industry in catalytic converters — has more than trebled in value since the start of 2017. The silver-white element, named after the Greek word for rose, could go even…

Oil Minister in OPEC’s Newest Member Denies Graft Allegations

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LAGOS (Capital Markets in Africa) – The Republic of Congo’s oil minister denied allegations he embezzled state funds, as the government clamps down on corruption to secure International Monetary Fund aid. National Commission for the Fight Against Corruption Chairman Lamyr Nguele said Hydrocarbons Minister Jean-Marc Thystere-Tchicaya is suspected of being involved in the disappearance of at least $2.73 million between 2015 and 2017. The funds were intended for use in a building project in the…

Congo’s Katumbi Abandons Plan to Fly Home as He Faces Arrest

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KINSHASA (Capital Markets in Africa) – Democratic Republic of Congo opposition leader Moise Katumbiabandoned plans to fly back to the country and will instead attempt to enter by land after the government said a warrant for his arrest had been issued. Katumbi, 53, is trying to return to the central African nation after two years in exile to register as a candidate in presidential elections scheduled for Dec. 23. He was convicted in absentia in 2016…

Raise Intra-Africa Trade to Counter U.S. Effect, World Bank Says

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LAGOS (Capital Markets in Africa) – African nations should consider increasing access to markets within the region to help offset the effects of increased U.S. protectionism, theWorld Bank’s vice president for the continent said. “The region may need to expand market access to absorb the costs arising from the hike in tariffs,” Hafez Ghanem said in an interview Thursday in Nigeria’s capital, Abuja. “This would include strengthening trade among Africa countries.” Escalating trade tensions are threatening to…

Mnangagwa Wins Zimbabwe’s Presidency After Deadly Protests

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HARARE (Capital Markets in Africa) – Emmerson Mnangagwa won Zimbabwe’s presidential election, a victory overshadowed by deadly protests, opposition allegations of rigging and criticism by observers that the contest was flawed. The controversy surrounding the vote may undermine efforts to reunify the southern African nation and rebuild an economy battered by almost two decades of misrule under Robert Mugabe, who was forced to quit in November. The country also risks a repeat of unrest that claimed six…

Bitcoin Needs to Hit $213,000 to Replace Money Supply, UBS Says

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LAGOS (Capital Markets in Africa) – Bitcoin evangelists preach that the virtual currency will one day supplant the dollar. UBS says they may have to wait a while since it can’t be considered money or even a viable asset class yet. For Bitcoin to replace U.S. money supply — paper bills, coins, travelers’ checks and the like — its price could need to hit nearly $213,000, or its network’s processing capabilities would need to dramatically improve, a…

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